Across
- 5. Variable cost plus fixed cost; all costs associated with production
- 7. Costs of production that do not change when output changes
- 9. Total output or production by a firm
- 10. A figure that shows how total output changes when the amount of a single variable input (usually labor) changes while all other inputs are held constant
- 13. Gives time, money, or effort
- 18. A measure of the degree to which the quantity supplied responds to a change in price.
- 21. Average price that every unit of output sells for
- 23. A graph showing the various quantities supplied at all possible prices that might prevail in the market at any given time
- 30. Level of production where marginal cost is equal to marginal revenue
- 32. Extra output due to the addition of one more unit of input
- 33. Produces or brings into being
Down
- 1. Production period so short that only variable inputs (usually labor) can be changed
- 2. Stage of production where output increases at a shrinking rate as more units of variable input are added
- 3. The change in the amount offered for sale in response to a change in price
- 4. Phases of production that consist of increasing, decreasing, and negative returns.
- 6. The amount that a single producer or all producers bring to market at any given price
- 8. A payment to an individual, business, or another group to encourage or protect a certain type of economic activity
- 11. Total amount earned by a firm from the sale of its products; average price of a good sold times the quantity sold
- 12. Handled by way of
- 14. Amount of a product grown, produced, or acquired and offered for sale at all possible prices that could prevail in the market
- 15. Production cost that varies as output changes; labor, energy, raw materials
- 16. A situation where suppliers offer different quantities of a product for sale at all possible prices in the market
- 17. Broad category of fixed costs that includes interest, rent, taxes and executive salaries
- 19. Extra cost of producing one additional unit of production
- 20. Production period long enough to change amount of variable and fixed inputs used in production
- 22. Assumed but not proven
- 24. States that more will be offered for sale at higher prices than at lower prices
- 25. The supply curve that shows the quantities offered at various prices by all producers that offer the product for sale in a given market
- 26. A decision made according to what is best for the individual seller
- 27. Extra revenue from the sale of one additional unit of output
- 28. Listing of the various quantities of a particular product a producer would supply at all possible prices in the market
- 29. Production level where total cost equals total revenue; production needed if the firm is to recover its costs
- 31. Electronic Business or exchange conducted over the internet